Top bank in Singapore to start the transfer of digital assets

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In line with growing demand for virtual money, Singapore’s top private bank, DBS Group Holdings, is preparing to create a new digital currency platform. 

The biggest bank in Southeast Asia stated that the move would expand the potential for private traders’ tokenization, cryptocurrency custody and exchanging services. 

DBS Group Holdings noted in a latest comment that the platform will provide for secondary trading of digital currencies, and also promoting the tokenization of resources as a means of capital increasing. 

Chief Executive of DBS Piyush Gupta stated the industry was prepared to step on cryptocurrency and digital assets for the regulated banking business.

“I believe that the time is right for this (digital assets) industry to increasingly find partnership and sponsorship from the formal banking sector. There are thousands of different coins today being traded on different exchanges, and increasingly you are beginning to find that they are forming an important part of the asset allocation of wealth and private investors.”

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“We are on the cusp of a massive tokenization and therefore you’ll find tokenization of all kind of assets around the world and I think more and more exchanges will start dealing with the tokenized assets.”

The latest platform is expected to enable trading on four separate tokens at release, namely BTC and ETH, which account for the majority to 80% of the worldwide cryptocurrency trading activity between them. It is also anticipated that the exchange will list tokenized securities, offering firms exposure to capital via open token offers. 

The release announcement arised at a time when demand is growing in Singapore and the broader area, especially among institutional investors. Institutional investors supported virtual currencies at a peak of $429 million in the week to December 7, the 2nd greatest week ever. 

In Singapore, virtual currency reserves under administration now is at over $15 billion.

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